Trends in Growth, Segment Analysis, and Competitive Strategies Influencing the Automotive Steering System Market

The automotive steering system market is positioned for consistent development over the coming years as advancements in vehicle technology continue to evolve. With innovations in electric and autonomous vehicles, along with growing demand for energy-efficient and integrated steering solutions, this market is set to expand significantly by 2030. Let's explore the current market size, driving forces, key companies, emerging trends, and important segments shaping the future of automotive steering systems.

Projected Growth and Market Size of the Automotive Steering System Market
The market for automotive steering systems is anticipated to reach a valuation of $37.94 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.4%. This steady expansion is fueled by several factors such as the increasing adoption of electric vehicles, advancements in autonomous driving systems, the rise of software-defined vehicle architectures, and the demand for energy-efficient steering technologies. Furthermore, integration between steering systems and vehicle electronics is becoming increasingly important. Key trends influencing growth include the rapid uptake of electric power steering, the integration of steering with advanced driver-assistance systems (ADAS), a shift towards steer-by-wire technology, demand for lighter steering components, and the growth of software-controlled steering mechanisms.

Download a free sample of the automotive steering system market report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=16351&type=smp

Key Factors Influencing Growth in the Automotive Steering System Market
The surge in electric vehicle penetration is a major catalyst for steering system innovation, as these vehicles require precise, responsive, and energy-efficient steering solutions. This shift encourages manufacturers to develop advanced electric power steering systems that can meet the unique demands of EVs while enhancing driving performance.
At the same time, the development of autonomous driving technology is pushing the market toward steering systems that can integrate seamlessly with automated driving functions. Such integration demands sophisticated electronic control units and sensors to enable features like lane-keeping assistance and automated steering adjustments, which improve both safety and comfort.

Prominent Players Leading the Automotive Steering System Industry
Several key players dominate this competitive sector, including Robert Bosch GmbH, ZF Friedrichshafen AG, JTEKT Corporation, Nexteer Automotive Group Ltd., Thyssenkrupp AG, Denso Corporation, Hyundai Mobis Co. Ltd., Hitachi Astemo Ltd., Mitsubishi Electric Corporation, HL Mando Corporation, China Automotive Systems Inc., TRW Automotive, Showa Corporation, Univance Corporation, Schaeffler AG, Nidec Corporation, GKN Automotive AG, NSK Steering Systems Co. Ltd., Bharat Forge Limited, and Marelli Holdings Co. Ltd.
In a notable move in March 2024, ZF Rane Automotive India Private Limited acquired TRW Sun Steering Wheels Pvt. Ltd., an India-based steering wheel manufacturer. This acquisition strengthens ZF Rane's portfolio by expanding its product offerings and market presence, fostering greater competitiveness and innovation within the automotive steering system landscape.

View the full automotive steering system market report:
https://www.thebusinessresearchcompany.com/report/automotive-steering-system-global-market-report

Emerging Trends Advancing Technology in Automotive Steering Systems
Automakers and suppliers are focusing on developing sophisticated electric steering systems tailored for niche, low-volume vehicle manufacturers. These advanced electric steering solutions enhance precision, responsiveness, and fuel efficiency while incorporating safety features like lane-keeping support.
For example, in September 2023, UK-based Titan Motorsport and Automotive Engineering introduced a new steer-by-wire system featuring a custom-designed electric motor and control setup. This system is notable for its scalable design, optimized packaging for diverse applications, and high levels of tunability for precise steering control, marking a significant leap forward in electric steering technologies.

Major Segments and Components Driving Market Dynamics in Automotive Steering
The automotive steering system market is segmented into several key categories:
1) By Type: Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Electro-Hydraulic Power Steering (EHPS), and Manual Steering.
2) By Component: Sensors, Steering Column, Mechanical Rack and Pinion, Electric Motor, Electronic Control Unit (ECU), Hydraulic Pump.
3) By Sales Channel: Original Equipment Manufacturer (OEM) and Aftermarket.
4) By Application: Passenger Cars (PCs), Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs).

Further subcategories include:
- EPS types such as Column-Assisted (C-EPS), Pinion-Assisted (P-EPS), Rack-Assisted (R-EPS), and Fully Electric Steering (FES).
- HPS systems like Recirculating Ball Steering and Rack and Pinion Hydraulic Power Steering.
- EHPS variations including Electro-Hydraulic Steering for LCVs, Integrated Electro-Hydraulic Systems, EHPS for Heavy Duty Vehicles, and Variable Assistance Electro-Hydraulic Steering.
- Manual steering types, including Recirculating Ball, Rack and Pinion, Worm and Sector systems, and those used for off-road vehicles.

Regional Market Outlook and Growth Prospects
While the report does not specify regional data here, the growth drivers and technology trends suggest significant opportunities worldwide, particularly in markets with rising electric and autonomous vehicle usage. This expanding landscape points to a competitive and innovation-driven future for automotive steering systems globally.

Reach out to us:
The Business Research Company: https://www.thebusinessresearchcompany.com/,
Americas +1 310-496-7795,
Europe +44 7882 955267,
Asia & Others +44 7882 955267 & +91 8897263534,
Email us at info@tbrc.info.

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Learn More About The Business Research Company
With over 17500+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.Our flagship product, the Global Market Model (GMM), is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.